Read from a delimiter cell, search and update the values

We teach Excel. We don't do homework. That's our limitation on this site.

Your question is whether all you describe can be done with one formula containing many functions. I will help you find the answer.

Toward that end please imagine the presentation of the result. First observation is that the result can't be in a single cell. That is because you don't state its format. If the result is a concatenation of delimited values like the original cell, then it could be in a single cell. But you have multiple results from each of multiple search criteria. Therefore you would need to use delimits within delimits - something like this: a,b,c,d|f,a|b,c,e,f|c, where both bars and commas are used as delimiters. So, yes, you could get the entire result into a single cell but the question is who could read that concoction. For human consumption it would hardly be suitable.

But why is it important to have the entire result in one cell? That is because the way Excel works: A cell contains a formula and displays its result. One formula = One result.

That is, unless it's an array formula. Excel is enormously powerful and I wouldnt like to bet against it. Therefore I will answer a slightly different question to the one you asked. Could I create such a formula? The answer is and emphatic no. I couldn't and I wouldn't. I would use VBA.